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Senators call on BP to set up $20B special account

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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 02:09 PM
Original message
Senators call on BP to set up $20B special account
Source: Associated Press

Democratic senators want BP to set aside $20 billion to pay for cleanup and other costs from the Gulf oil spill.

Senate Majority Leader Harry Reid, D-Nev., plans to send BP a letter on Monday proposing the account. That's two days before BP executives meet with President Barack Obama and three days before chief executive Tony Hayward testifies at a House hearing.

A copy of the letter was released Sunday by Reid's office.

BP has promised to pay for damages. But Obama also wants BP to create a special escrow account, though he hasn't suggested an initial amount.

Read more: http://news.yahoo.com/s/ap/20100613/ap_on_bi_ge/us_gulf_oil_spill_fund
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Stuart G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 02:13 PM
Response to Original message
1. It will not be enough...you will see nt
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hlthe2b Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 02:13 PM
Response to Original message
2. $200 billion is more reasonable, though even it will probably
be exceeded. They need to send a message that BP WILL be forced to pay for this debacle.
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Stuart G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 02:14 PM
Response to Reply #2
3. Agreed, sadly, we cannot figure the death of millions of wild animals.
Edited on Sun Jun-13-10 02:15 PM by Stuart G
and some of the most valuable marshlands and wetlands in the world. They will not be "cleaned up" cause you cannot "clean them up"
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Dark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 07:12 PM
Response to Reply #3
15. I say we estimate how much it'd cost to restore everything to the way it was,
rebuilding the marshlands and encouraging spawning of the animals that died, then adjust it for inflation over the next twenty years.

That's how much they'd owe.

It's a start.
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FailureToCommunicate Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 02:30 PM
Response to Original message
4. LAME. Come on Harry, $20 billion is ONE years' profit for BP. Why not demand $21 Billion?
Or better yet take Reich's advice and put BP-US into receivership?

http://robertreich.org/post/650145579/why-obama-should-put-bp-under-temporary-receivership
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 02:50 PM
Response to Original message
5. Just need another country to administer it
One in which neither BP nor the USA have any interests and also for the sake of fairness which hasn't been fucked over by the USA or any of its corporations in the past 100 years or so. That would ensure complete independance in managing the account.
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FailureToCommunicate Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 03:54 PM
Response to Reply #5
7. Good luck finding THAT kind of country.
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 04:05 PM
Response to Reply #7
8. Armenia ?
:shrug:
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FailureToCommunicate Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 04:21 PM
Response to Reply #8
9. shat lav
:hi:
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 04:37 PM
Response to Reply #9
10. They have constantly crossed my life
is the nicest possible ways and so they easily come to mind.

:hi:
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katsy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 03:21 PM
Response to Original message
6. They know what the gdp from the gulf states is.
They know damn well this spill will impact the area a minimum of 20 years.

20 years x annual gdp of the states impacted would be a good start in any discussions about escrow accounts.

20B is nothing.
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obxhead Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 05:02 PM
Response to Original message
11. Fuck that.
Seize every penny we can legally.

Then seize every asset they have to be liquidated at a future date when the money runs out.
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stuart68 Donating Member (556 posts) Send PM | Profile | Ignore Sun Jun-13-10 06:25 PM
Response to Reply #11
12. Key is "legally"
Congress passed laws to cap BP's liability in this, something like $750M if I read correctly.

Looks like we need another takeover......
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obxhead Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 07:00 PM
Response to Reply #12
13. use the patriot act, or drug laws seizure law,
or just write a new law that lets them do it. Government steps on whoever they want to whenever they want. Laws matter little.
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wordpix Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 07:08 PM
Response to Reply #12
14. not $750 MM, the cap is $75 MM which won't pay for squat
$20B is also not much, considering what needs to be done
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grahamhgreen Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 08:11 PM
Response to Reply #12
17. Obama has implicit authority through laws and regulations dealing with offshore drilling
especially the Oil Pollution Act of 1990. By analogy, if a nuclear reactor were melting down, the President would use his regulatory authority over nuclear energy to take temporary control over the plant and the relevant parts of the corporation that ran it."

http://robertreich.org/post/655678383/putting-bp-under-temporary-receivership-some-qs-and-as
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stuart68 Donating Member (556 posts) Send PM | Profile | Ignore Sun Jun-13-10 09:44 PM
Response to Reply #17
18. What does a melt-down look like after 60 days ?
Maybe he could have fired up that approach before the 60 day mark here ?!?!
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grahamhgreen Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-13-10 08:10 PM
Response to Original message
16. AND put them into receivership until all CLAIMS are paid.
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